Juul raises $325 million in equity and debt financing

Juul raises $325 million in equity and debt financing

FILE PHOTO: Juul brand vaping pens are seen for sale in a shop in Manhattan in New York City, New York, U.S., February 6, 2019. REUTERS/Mike Segar

(Reuters) – E-cigarette maker Juul Labs Inc has raised $325 million in an equity and debt offering, a regulatory filing showed on Monday, as the company looks to speed up its global expansion at a time it is facing growing U.S. regulatory scrutiny.

The Securities and Exchange Commission filing from the company, which is 35% owned by Marlboro maker Altria Group Inc (MO.N), also showed that the funds were not intended to be used for transactions, such as a merger, acquisition or exchange offer, or to pay executives, promoters or directors.

Altria shares were up about 1% in premarket trading.

Reporting by Siddharth Cavale in Bengaluru; Editing by Shinjini Ganguli

Related posts